Meridian CorpMRBK

Meridian Corp Debt Disclosure

10-KFiled Mar 13, 20262 min read
Short-Term Borrowings and Long-Term Debt
The Corporation’s short-term borrowings generally consist of federal funds purchased and short-term borrowings extended under agreements with the FHLB or other correspondent banks. The Corporation has 4 unsecured borrowing facilities with correspondent banks for up to $56.0 million in total. Federal funds purchased generally represent one-day borrowings. The Corporation had $0 and $0 in Federal funds purchased at December 31, 2025 and December 31, 2024, respectively. The Corporation also has a facility with the Federal Reserve Bank discount window of $4.2 million. This facility is fully secured by investment securities and pledged loans. There were no borrowings under this at December 31, 2025 and December 31, 2024. The Corporation’s facility with the Federal Reserve’s BTFP expired in March 2024. The Corporation has a revolving line of credit with ACBB of $5.0 million that is used to fund operating activities of the Corporation and had an outstanding balance of $1.5 million at December 31, 2025.
The following table presents short-term borrowings at the dates indicated:
(dollars in thousands)Maturity
date		Interest
rate		December 31,
2025		December 31,
2024
FHLB Open Repo Plus Weekly6/15/20263.93%$89,999 $75,205 
FHLB Mid-term Repo Fixed7/14/20264.57%15,245 — 
ACBB Holding Company Revolving LOC7/24/20267.00%1,500 5,000 
FHLB Mid-term Repo Fixed10/14/20255.16%— 9,492 
FHLB Mid-term Repo Fixed12/22/20254.23%— 8,935 
Total Short-Term Borrowings$106,744 $98,632 

The following table presents long-term borrowings at the dates indicated:
(dollars in thousands)Maturity
date		Interest
rate		December 31,
2025		December 31,
2024
FHLB Mid-term Repo Fixed5/20/20274.70%$10,594 $10,594 
FHLB Mid-term Repo Fixed7/14/20264.57%— 15,245 
Total Long-Term Borrowings$10,594 $25,839 
The FHLB has also issued $178.6 million of letters of credit to the Corporation for the benefit of the Corporation’s public deposit funds and loan customers. These letters of credit expire throughout 2026.
The Corporation has a maximum borrowing capacity with the FHLB of $751.5 million as of December 31, 2025 and $699.3 million as of December 31, 2024. All advances and letters of credit from the FHLB are secured by a blanket lien on non-pledged, mortgage-related loans and securities as part of the Corporation’s borrowing agreement with the FHLB.

Historical Timeline

Fiscal YearFiled
2025Mar 13, 2026Showing above
2024Mar 17, 2025
2023Mar 15, 2024
2022Mar 16, 2023
2021Mar 16, 2022
2020Mar 29, 2021
2019Mar 30, 2020
2018Apr 1, 2019

About Debt Disclosures

Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.

Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.

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